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Countdown to the Closing Bell

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Goldman 19, Imax 12, New York City 11, Us 9, Sandy 8, Liz 8, Greg Smith 7, Manhattan 5, New York 4, Maryland 4, New Jersey 3, Chicago 3, Sandra Smith 3, China 2, Starbucks 2, Mexico 2, U.s. 2, Ocean City 2, Nicole 2, Charlie Gasparino 2,
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  FOX Business    Countdown to the Closing Bell    News/Business. Stock  
   market updates. New.  

    October 29, 2012
    3:00 - 4:00pm EDT  

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jersey and beyond. and more than 12,000 flights have been cancelled as airlines prepare. we are tracking the outages. the business story of all of this and of course the airport story because that's intensely tied to what's going on in the business world. we will keep you updated as more data comes in. the hurricane impacting the market, take a look at some of the companies who have delayed their earnings because of the storm. pfizer, thomson reuters, nrg, sirius, office depot, vertex pharmaceuticals and dendreon. many blanks are also closing branch locations in storm's path -- many banks are closing branch locations in storm's path. all right. where is it?
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what is it doing right now and how is it affecting businesses in the united states? we have team coverage following the path of hurricane sandy. steve harrigan has the impact from ocean city, maryland but right now let's take it to jeff flock in point pleasant beach new jersey. jeff? jeff: a little bit of ground zero for you, liz, at this hour south jersey really in the sights of this and for the worst of the storm. it's extraordinary in i have not covered a hurricane that has been -- the on set of which has been like this, which is just steady blowing, raining, coming at you, a sandblasting you, and no let-up. usually there's a let-up. usually there are fingers, there are ribbons of intensity that come in. this is just all blow coming straight at you. take a look at this sea foam on the beach, and i will tell you, we are not that far away from low tide. the key is going to be tonight when we get to high tide here
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because you see that surf behind me, the wind that has been pushing that surf begins to then cooperate with the tide at about 7:16 local time here in point pleasant beach new jersey and that begins to drive that water inland. that's what's going to do all the damage. not so much the wind. there's minor wind damage so far. it is going to be that water, liz, right here right along the beach all along south jersey. liz: and jeff flock is planted right there. jeff flock has covered every single hurricane for the past 30 years. i know you are concerned about him standing right there. i am, but he knows what he's doing. let's get to steve harrigan as the impact from ocean city maryland seas. >> liz, this is about the worst we've felt here in the last 24 hours. the winds expected to pick up this afternoon and continue to pick up. we've got some giant waves behind me. and they have begun to crash
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over the seawall in the last few hours, especially during high tide. they have begun to wash up on some of the buildings along this board walk and the famous pier that goes out into the ocean has been partially destroyed by the wind and waves. right now you are still allowed to drive in maryland, but the governor has been very forceful coming out and saying people will die in this storm, people need to be careful in this storm and really doing everything he can, emergency officials doing the same, to try and encourage people at this point to stay in their homes. the real concern here, flooding and power blackouts. we still have electric power here in ocean city, but that could change as these heavy winds and rain continue to pick up. liz, back to you. liz: okay, thank you very much. i just want to point out something. at 3:50 p.m. eastern time, everybody, we're going to have what's called the height of the full moon. the height of the full moon. and what does that do to the tides? janice dean is in the fox business weather center with the very latest.
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janice? sorry one second we are not quite ready yet. let's go to sandra smith commodities, they are trading them, many of them because they are far from the storm in chicago. but the storm's effects on them are very close. just a minute ago the grains closed. sandra smith is right there. sandra: this is the grain trading floor right here so a lot of operations have shut down, the trading floor here is populated and just moments ago the grain trading floor did close everything from corn to soybean futures to wheat futures did trade. we have scott here. any real impacts on the grain market? >> maybe minor liquidation. the volumes were thin because a lot of traders didn't come in today. people took cash positions off the board but really not that big. sandra: in the energy complex, refinery closures along the coast because of this storm. we saw oil prices go down and rbob gasoline prices went up. >> those things typically a a lot of times are pretty much --
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imagination is your own worst enemy. we will have to see how those things really play out in the future. i don't think it's going to be that big of an impact. i think the market would have told us a lot more if there was going to be something big. sandra: what are you and your colleagues expecting for tomorrow? are you going to show up in the morning? the cme has not said whether the markets will be closed. >> we will be here for the grain markets. the fixed income might be different, that could be a ballroom with nobody there, but right now we will have a full staff and see what the exchange tells us. sandra: how do you position yourself in the global marketplace where traders can't anticipate whether or not the markets will be opened or closed? what do you do? stock market we already know is going to be closed. >> we don't have a choice. we have to make sure if we do have a customer that wants to do something we are here or ready to do it. whether that will be electronic or open out cry, we have to have full staff, full contingent, whatever happens happens, but ultimately if you have one customer, you need to be here. sandra: do you expect people to come back into this market, remember folks the jobs report is coming out on friday, that
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has been confirmed. the big government jobs report. scott, the last one before the election. >> that could have a big impact. but there's another thing we haven't really thought about here, wednesday is end of month. you can't keep these things shut for that long. we have end of month and jobs report. we will have to start getting things back on-line very soon. sandra: what do traders want to see ultimately the exchange do as far as trading is concerned? >> we would like to be open. it is also a good advertisement for open outcry, we're standing out here with these funny color jackets on but we want to make sure the public knows we're here and open for business. sandra: that's it. energy is still trading on the globe-ex electronically. only 45 minute break between 5:15 and 6:00 p.m. eastern time, that's still plan as scheduled. trading will begin in energy and gold market tonight. that is if the cme doesn't change things between now and then. we will keep everybody updated on that. liz: thank you very much. neil cavuto will have those
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globe-ex trades coming up tonight at 7:00 p.m. we have some breaking news. brand new video in from new york city's tallest residential building currently under construction. it is called 157. it's on 57th and 7th avenue and there is a a crane that is now dangling out of control from this building. you know, i drive past this every single day on my way to make my right on 7th down to the fox studios, and i have thought about it as i was coming in on friday and thought what are they going to do with that thing? it is somehow detached from this building. this is the tallest residential building in new york city. at the time that it was green lit, that was bit of controversy because it was blocking people's views. people were concerned about the height of it. and now of course that crane which is topping out at 65 stories is dangling, and that is the video right now. we will keep you posted on that. but i have heard behind me on 6th avenue tearing up 6th avenue
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the fire trucks i would imagine they are probably headed that way. they are on the case. never count out nyfd, n.y.p.d., they will fix it if they can. coming up, we have up to the minute coverage of the hurricane. plus how the storm is affecting your bottom line. first we hear from the former goldman sachs executive greg smith who started a hurricane of his own when he wrote a book -- he wrote first a tell all op-ed about why he left goldman sachs. a tale of disillusionment that is controversial. he is live in our studio. the theaters are dark in new york city, we have the ceo of imax as he is forced to shut down business all along the east coast for imax screens. he will tell us when he expects to reopen. plus the company's big move into china. stay tuned. we are live right here on fox business for your money and the breaking news of the storm. foll the wings.
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bob...
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liz: hurricane sandy is enveloping the east coast right now. you just heard from jeff flock. he said a little bit of ground zero right now. many businesses, you might even
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own their stocks, are being forced to shut their doors. for example starbucks closed all of its new york city and long island locations sunday to allow for employees to get home before the transit system shut down. so the coffee giant is closed. you can't get a starbucks here in new york city even down below, subterranean in the subways. the coffee joint said its stores in connecticut new jersey and other locations will close as needed. pepsi closing the offices of its headquarters in new york for today. the beverage company also saying it is also taking steps to ensure it meets the needs of its customers. on the retail side i'm looking out here behind me, nobody is really on the streets. macy's locations are closed including its flagship store in the city's herald square locations. again you look at these stock charts. nothing is trading today. even if you wanted to why or sell a stock, you can't do it right now. now, whether those businesses open their doors to serve customers and make money will depend on whether they have
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power. right now entire grids are losing their juice. adam shapiro in newsroom with real-time numbers. adam: right now the numbers are starting to grow. i'm going to ask the control room to bring up the numbers i sent through a few minutes ago. we are getting these from some of the utilities in the area. for instance, you can see jersey central power and light, go ahead and pull that number up. you will see, that they are about 115,000 people are without electricity. as you move through these numbers, long island power authority, 115,000. new jersey central power and light is 82,000. con-ed, roughly 4500, 6200 now and growing. it is a mess out there and will be a lot worse because as the wind speeds pick up, they will knock cables over and knock power out. the mutual assistance network is in place. that's the organization run through the electric, the edison electric institute. they coordinate with different utilities to restore power. they have actually flown in crews from mexico -- mexico,
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canada and as far west as washington state. thousands of men and women ready to go to work once the storm has passed and restore power. back to you. liz: i lost power this morning, adam, at about 6:45 a.m. in edgewater, new jersey. i said the sky is practically clear right now. then they restored it. i have no idea what's happening right now. you know, you get the generator. by the way for everybody who wanted a generator and couldn't get one, tonight at 4:00 p.m. eastern time we have both representatives for hurricane preparedness from lowe's and home depot. with he find out what their stock -- we will find out what their stock of things like generators are and how the businesses is -- they are keeping many of their stores open. that's at 4:00 p.m. we will also talk to executive vice president of operation, sort of umbrella group, that oversees a lot of the energy companies. we will be talking to him about the very latest numbers and in the meantime, adam will keep us updated on all the power
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outages, but it does affect businesses. speaking of the business that is now a ghost town, nicole petallides usually reports from there, the floor of the new york stock exchange. but today it is shut down citing the dangers of hurricane sandy. well, they are in zone 1 which was evacuated. >> right, that lower manhattan area which obviously was a key flood zone. all of battery park city evacuated. now hearing about possibly turning off the power grid in order to save some of the electric things that they have there. the new york stock exchange may even power down as well. this was really a safety issue for traders and everyone downtown to just get out. it is interesting, though, no trading today and no trading tomorrow. liz: a lot of the traders started e-mailing me and they seemed a bit -- [inaudible] -- you know, typical; right? one of them said to me i made it through 68 snowstorms in my life and all kinds of problems on that trading floor why are they trading it? it is because of the flooding issue that's unique to this
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particular storm. nicole: the storm surge we're expecting from sandy is unprecedented. talk about losses we may see, going to surpass andrew and could be as high as katrina, somewhere in middle of that. closing the exchange for two days haven't seen since that -- seen that since the blizzard of 1888. for weather purposes. it's being done for safety issues. liz: we're looking at a live picture of the statue of liberty and that of course says it all. this is the new york post cover. it shows of course the statue of liberty with an umbrella and the word closed. new york is for all intense and purposes closed. we are not. very important to point out. we are not. fox business and fox news are going to be going wall to wall coverage. so we will be here for you as long as you have the power on to feed your cable obviously, but nicole, thank you very much.
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nicole: thanks, liz. of course when they reopen, there will be a lot to watch. liz: uh-huh. we should mention, the bond market will be closed tomorrow. shutting down trading on wall street, can't stress enough this is a huge deal and a huge decision. as nicole mentioned, the last time this happened as it was regarding weather was, you know, 1888, back of course 11 years, 9/11, but that was not weather related. charlie gasparino joins us next to break down what led to the decision to shut down wall street today and the arguments that happened about it. but first what does it look like outside right now? live pictures of battery park. as i said, there is lady liberty standing strong against hurricane sandy. this is lower manhattan where robert gray will al bring you the very latest -- will also bring you the very latest updates on the storm. fox business with the bravest reporters out there. stay tuned. de and ♪
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liz: breaking news we want to update you on this crane situation. you are looking at a building that is the tallest residential building in new york city, currently under construction. it is to be 90 stories there at about 65 stores right now, and the crane has partially collapsed. it is dangling and there is debris we are hearing falling on west 56th streit possibly down on west 57th street and 7th avenue. we need to let you know this is a heavily trafficked area, but of course not many people on the roads. nyfd, n.y.p.d. the city crews are there on the scene. this is a dangerous situation because you head east on 57th street and many of us take this commute right in and make a right on 7th avenue and go to
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fox studios. it is across from other tall buildings. it is the tallest residential building currently being built in new york city. two apartments in here above the 80th floor have sold for around 50 million dollars a piece to two fashion executives. one from quebec and one from china. but at the moment right now we are keeping an eye on this situation where there is a partial crane collapse. no word of injuries right now. but obviously the winds are very high at that level. our coverage continues as sandy barrels right into new york city. fox business's robert gray joins us now from battery park. that's on lower manhattan's tip. it is one of the most vulnerable flood zones in the city. robert, how does it look there? robert: right now liz it is okay. sort of calm before the storm, if you will. surge earlier this morning over the seawall behind me. right now it is pretty calm, low tide. we're joined by the owner of battery gardens restaurant here. he's been kind enough to host us
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here on his back patio all day. the restaurant is closed today. paul, tell us what you have seen so far. you were here for irene last year and several other hurricanes in the past. >> this year has been so far to my surprise the highest tide, and it got scary there for a minute. now it has gone down a little bit. but they're expecting a bigger one. i'm a little nervous and a little worried about it, you know, but we've got to prepare for the -- robert: you were closed all day. obviously your employees couldn't get in. tell me your thoughts about shutting down the city a day in advance. >> well, the city first of all they are doing a great job, emergency services. a day in advance, we were able to fit in all the events and functions, but the transportation was a little problem. robert: the owner and operator here at battery garden restaurants. if you are walking around grand
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central, you may recognize his face from uncle paul's pizza they delivered all the way downtown to our very hungry fox crew. liz: thank you to him. i have been to that wonderful battery gardens restaurant many times. he does a great job, fantastic. thanks to him and all the business owners that who are really putting up the good fight here. speaking of which, you wonder when the markets will start again. will they reopen wednesday? that's the plan right now. you look at the big board and you just see zero, nothing is moving. charlie gasparino was on this story early this morning. >> i think from what i understand it, i'm getting news from exchange officials, there is a 99.9% chance the market ts will be open wednesday. the last thing they want is three days. there's no rule here. we have checked this out. there's no specific rule that you have to be open in three days, but three days of closure would be really problematic. the last time they closed for three days was during 9/11 and now they have an electronic
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system in place. you have to ask yourself the question, they are likely to be open. everything is ready to go, they say, with the electronic stuff. why did they take off today and tomorrow? that is a question that i will tell you we're going to be looking at for a long time. i can tell you this, the nasdaq was ready to go all, all the electronic players were ready to go. duncan said he was ready to go, the ceo of new york stock exchange duncan niederauer came on our air and talked about it but it was the brokerage community that came back and said we don't think you are ready to go. the real question is, did they not think they were ready because the new york stock exchange wasn't red ki to implement -- ready to implement a fully electronic system or were the brokers not ready to operate in that environment? this is a big question. i will tell you this, liz, you want exchanges to be open now. i don't care what anybody -- a storm should not shut down capitalism. liz: wait even if it's --? >> no. liz: you shut down the floor but keep the electronic trading
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going. >> in this environment we can trade stocks in milliseconds. a storm, rain should not stop the new york stock exchange from opening its system. it should not stop the nasdaq or any of them. a small investor, maybe some trader can't get to work that works at goldman sachs, that's fine. but the bottom line is, the average investor should be able to trade stocks, buy a stock right now when they want. the system should not be shut down because of the storm. and it's absurd when you think about it. we've had years and years of technology -- liz: well traders were e-mailing me and said i'm upset, i wanted to go to work, i can handle this. >> it is one thing to be physically on the floor. the question is for a small investor and these markets are for the public too, by the way. the average investor that buys and sells stocks. you know, needs access to the markets. it makes no sense. this does not make sense. liz: on any other day you would never see what i'm about to show
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you and that is a shot of the big board at zero at 3:28 p.m. >> here's the thing, the big board's electronic station is located in chicago. liz: i know. >> its data system is in new jersey. the nasdaq has its system that's not -- i don't even know. i think it is in bethesda to be honest with you. liz: are you saying this is political? >> i don't know what it is. somebody screwed up here and this is a big thing. bond market is an over-the-counter market, maybe they are just -- who knows how it is not trading. i'm just telling you this that someone has to answer why the technology that -- why the brokers backed off on this, and why was -- why were people not comfortable with the technology? was it on the broker's end? new york stock exchange end? but that is clearly an issue. the markets should be open. this is absurd. it is raining, and the market is closed? i just met greg smith by the
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way -- liz: he created his own hurricane when he left goldman sachs. >> i like greg. i think you know what? he's an honest guy. he deserves his say. liz: everybody does; right? >> well, not everybody. liz: stick around for it. greg smith, he authored this book, and of course he was at one of wall street's most well known firms, quite the fare well letter, an op-ed in the "wall street journal" about the evil culture quote of goldman sachs. now he's got the book. i have read it. i need to ask him what turned him against goldman when the first half of the book is pretty much a love letter. coming up after the break, greg smith is coming in, he is the former goldman sachs executive director and author of "why i left goldman sachs" with me live in studio.
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liz: all right. we want to take quick look at a live shot right now of the pictures of the hurricane at the moment, and it is hitting the jersey coast at this point, and this is ocean city, maryland, as well. and you can see the wind whipping. this will be a storm that is way more about the wind than the rain. so the wind and the flooding. and so we are watching this very closely of course. as we mentioned all of wall street is a ghost town and shut down. we are up and running of course talking business. one of sort of the hottest inside business stories lately has been a about goldman sachs and the book that is written by one heir former insiders. quote toxic and destructive,
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those are the words my next guest uses to describe the culture of goldman. goldman insider greg smith tore apart the company's ethics and questioned its integrity when he sent his resignation letter as an op-ed in the new york times. it sparked the curiosity of millions and led to his tell-all book "why i left goldman sachs" and the op-ed was called why i'm leaving goldman sachs. joining me now is greg smith. that was the heck of an exit e-mail. they usually say hey here's my new e-mail to find me. yours was a gigantic punch in the nose attempt at goldman sachs. here's this book, i have to tell you, i have been reading it. i'm not entirely through wit -- through with it, i'm several hundred pages in it. leading up to it, i'm thinking this is a great place to work the way you're describing goldman. what was the switch that flipped
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where you turned around and said i can't be here anymore? >> yeah, well, let me say, when i was in college 12 years ago, goldman sachs was the most prestigious place to work, for anyone who wanted to get on wall street, it was really the most admired company. it took ford public. it took sears public. it was an iconic firm. it had 14 business principles. i was very proud to work there. i used to fly out to stanford twice a year. i used to recruit kids to come, but as you approached the middle of the decade, and you will know a variety of deregulations occurred. glass -- [inaudible] -- was repealed. you know, even if you look at revenues, goldman's trading revenues in 2002 were 5 billion. by 2007 they are 32 billion.
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so the revenues change and the mindset shifts. by the time the crisis comes along, goldman survives. then you have the biggest fraud suit in history. goldman settles. i write about in the book my inclination is still to defend the firm. but once i took a hard look at what actually happened and how the firm misrepresented its interest to clients, i went to the firm through introspect and goldman went through a yearlong study where it studied its practices, i saw that to be lip service. over and over again, clients said to me we don't trust the firm and yet i would go back to london and to speak to partners and they didn't care. they had no desire to patch up this reputational thing. liz: they were doing very well, certainly by their shareholderses, they were doing quite well and they looked at this and said well we're doing what our mandate is and it is to make money for shareholders. but i guess your point was with
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the clients of which you at one point had about a trillion in client assets you were overseeing as you stated. you were there 12 years. >> yes. liz: here's the sense that i get, a little bit, i mean i understand that everybody has these moments at work and you say wow, am i really proud of what i'm doing? but it seemed like the greatest place the way you weee describing it, and i'm thinking is this guy ungrateful? is he naive? i mean you talked about at 9/11 how somebody immediately contacted you and gave you a thousand dollars from the firm for clothes and a place to stay and paid for your hotel. it struck me as a little ungrateful. doesn't mean to say you stick by somebody when they start doing something wrong which is what you say they were doing at a certain point which is not keeping client interests first, but a little ungrateful >> look i worked hard for the firm, but by the time i left the firm, the way that other wall street firms are making a lot of their money are in very
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nontransparent things that border on unethical. it's taking a teacher's retirement fund and overcharging them by 5 billion dollars because they don't understand the product. or walking this fine line between betting against your client without telling them about this. liz: which was the quote deal and they settled. >> it was the biggest settlement in history. that was not an isolated example. this type of idea of misleading clients and not telling them your real intentions is still going on today. while the financial media accepps this as just the way wall street works, i would like your viewers to know that this should not be accepted because this affects people through their mutual funds, 401(k)s or their pension funds. i did not write this book or story to hurt goldman sachs so much to try to remind to get it back to what it once was. liz: the day after this op-ed in new york times more than 2 billion in market cap was sliced
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off the company so it did hurt it. the one thing that jumped out at was the thing you called axes. you say these are positions on goldman's books that they wanted to get rid of so they would almost -- like selling meat that's expired already to a customer that has returned constantly to you and you said this is like you are selling them a bad product just to get it off goldman's books. i mean aside from abicus, how many others of those do you say there were? >> it's going on constantly. i give an example in the book, when europe was teetering on the verge of bankruptcy, every two days this our morning trading meeting, goldman was changing its view on what it was telling clients was going to happen, just so it could put its own bet on it. in my view if you want to be a hedge fund, that's fine. then announce to the marketplace you are a hedge fund, but if you want to take government support and keep saying your clients interest come first then act that way. i think it is very misleading for the public. that's the reason i wrote the
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book. goldman is a very mysterious -- mysterious place. i wanted to show a general reader how it works, the good part and the bad part. liz: what i as thinking this is one unbelievably motivated creative and supportive place. that's what goldman sachs looked to me from your book. then obviously you had a moment where you came to a realization that things had changed in the culture. okay, i get that. >> it wasn't a moment. >> after the fraud lawsuit, i . fly to asia to speak with one of the firm's biggest clients myself and a goldman partner are sitting in the room and the client looks in the eye and said let me be honest i don't trust goldman sachs but don't worry we will keep doing business with you. the goldman partner i'm with is celebrating this is great news we're going to keep getting the business and keep getting bonuses for two more years. unfortunately, that's what the firm hhs become. you know, where you said the stock price, goldman stock price
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has not really moved in the last ten years. during that time, 100 billion dollars of bonuses have been extracted from the firm. liz: let's take a look at a ten-year picture to see what you are talking about. but other than that over the past year it's up about 12%. i would say that's somewhat of a decent move. the people who are criticizing this and, you know, a lot of character assassination going on here, they say that you made up names. but this one character rudy glocker who was very supportive to you at the emerging markets desk. you tell me that's a real name. are you still in touch? has everybody turned your backs on you since you left goldman? >> no, i've spoken with rudy. >> now you are going to get him fired, is he still there? >> no, he works with a different quietly people acknowledge that they are continuously being asked to make morally dubious decisions. unfortunately the system is working too well for people on
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wall street. they take this as a threatening thing where you actually give constructive criticism. i would say to people if wall street wants to be a more sustainable industry, it needs to become more transparent. the surest way you can see that is look at how the stock market is valuing goldman and morgan stanley and jpmorgan, below liquidation value and what that is telling you the market itself doesn't like this model where there's zero visibility, almost like a casino system where you're betting. i would like the viewers to read the book so they can understand what goes on at goldman, not the terrible stuff, but the good stuff and the bad stuff and how it should work. liz: there were a lot of good things, i thought, you know, if i were interested in that industry on that side of it i would feel kind of lucky to work there. but as you say, you have this realization, the book is called "why i left goldman sachs". greg smith, some people call you naive. others say brave. but thank you for coming on. i appreciate it. >> thank you for having me. liz: talk about dark night, hundreds of movie theaters up and down the eastern seaboard
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are dark, turning off the projectors and shutting down. coming after the break, we are talking live to imax ceo about closing down his gigantic screens in a fox business exclusive. first take a look at what it looks like in point pleasant beach new jersey.
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liz: we need to take you back to chicago and sandra smith for breaking news on futures and options trading. new hours; correct?
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sandra: that's right liz. stock index futures will reopen tonight. they were closed today. they closed at 8:15 a.m. this morning. they are going to reopen tonight, but again, they are going to close early tomorrow morning at 8:15 a.m. important to point out that stock index futures usually trade throughout the day along with the stock market. of course the stock market is closed tomorrow. so stock index futures will be closed, meaning there will not be traders in the s&p 500, dow or nasdaq future pits here or there will be no electronic trading of those markets as well. and that's 8:15 a.m. central time. 9:15 eastern that those stock index futures will not be trading anymore tomorrow morning. they will be closed. but here's the big difference, liz. treasuries, fed fund futures, euro dollars, they are going to reopen tonight along with stock index futures, but tomorrow they will continue to trade both pit and electronically, we're told. they had an early close at 11:00 a.m. central time today. they are going to continue to trade throughout the day
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tomorrow. also, liz, important to point out that the nymex trading floor in lower manhattan will be closed again. there will be no traders present there. energy, precious metals, they will all trade electronically tomorrow. liz: sandra thank you. we just got this breaking news as well, the u.s. government is saying that federal government offices will be closed tomorrow as well. this just breaking at the moment. the u.s. government says federal government offices will be closed on tuesday due to of course the remnants or what is still going as far as hurricane sandy is concerned. okay, let's get to what people thought would be at least one way to entertain themselves, movie theaters, forget it. throughout new york city and along the eastern seaboard are closed due to hurricane sandy, including a few dozen imax theete theeters -- theaters? how much of an impact will this have on imax? imax's ceo is joining us live on
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the phone with fox business exclusive. thank you for being here. tell us the update of how many and what's going to happen tomorrow? >> our theaters in all the new york region, new jersey, the mid northeast are going to remain closed today and tomorrow obviously the safety of the patrons in staying home is the most important consideration. i think most of the chains will reconsider tomorrow around 4:00 and see what they are going to do for tomorrow evening. now it turns out this is the time of year where there are no blockbusters that really happens when bond opens a day early in imax which is a week from this thursday and that's when the season really kicks off, kind of the thanksgiving christmas season. and then, you know, a closure like this would be more material financially. at this point it is not a material financial matter. and obviously we need to protect the consumers. liz: okay. so the james bond movie doesn't come out until next thursday. it is out in the u.k. it is a huge blockbuster. that's doing very well.
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but so in essence what you are saying to close all of these theaters and we have them in cities everywhere from 34th street and lincoln square as well as in new york to the boston area, chest nut hill, framingham, boston common will be closed, some theaters in philly, cherry hill and jersey gardens, these are huge theaters. that will not materially affect your bottom line if it doesn't go on for two days, three days? >> industry as a whole, not just us, particularly midweek releases in october, esppcially with halloween which is only a movie going night as far as thriller kinds of movies. this isn't a big box-office week. a few days of closure are not really going to have a material impact. liz: let's talk about the up coming movies and the big ones needless to say are you have the dark knight -- that's already passed and done relatively well for you. the twilight saga. tou you have -- you have the new star trek coming out and a couple other ones. what are you most excited about
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that will affect your earnings in a positive way? >> i would like to start a short-term which as i said week from thursday, bond sky fall opens, a day earlier in imax, i think that will be a big thing for us. part of the reason for that the director shot a number of the sequences because he was of the mind to format them especially for imax. if you look at our international results this weekend, we did about $45,000 a screen in 80 locations in 15 territoriis. and those results were some of our best we've ever seen. you know, in some countries we set records, but overall extremely strong. so i've got to believe that's going to translate very well into the domestic territories and the international that hasn't opened yet. twilight we're only doing internationally because it only opens only a week after bond here in the states. so it was too soon. i think the hobbit is going to be a very large movie. the word on it, the buzz on the street is extremely good, you
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know, very highly anticipated. then for next year we haven't finalized our slate yet but i think the key ones to pick out will be star trek which was filmed in part with imax cameras, jj abrams, man of steel which chris noland produced. the hunger game as lot of that is filmed with imax cameras again and then the secret of the hobbit. a lot of decent blockbusters in the month ahead. liz: thank you. i know it is tough getting around new york city. i hope you are safe and sound with your family. do you have enough food and watter? >> we live in manhattan so that's usually not a problem. liz: i know, but you know, we city folks. the ceo of imax, thank you for joining us, 18 theaters closed. they will reassess at 4:00 p.m. tomorrow around then as to whether they will reopen those movie theaters for those of you who are getting a little claustrophobic in your apartments or wherever you are living. after the break we come back
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with more of our live coverage of hurricane sandy and how it might be hitting your bottom line. stay tuned. new pink lemonade 5-hour energy?
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